- Industrial chain maker Renold upgraded its guidance after revenue in the first four months of its financial year rose 14% amid a recovery in demand.

Sales revenue for the fourth months through July had risen to £62.5 million, which represented growth of 20% on a constant currency basis.

Renold said 'strong momentum experienced in the fourth quarter of the last financial year has been maintained in the new financial year , resulting in the continued recovery of both revenues and order intake'.

Order intake for the period was up 61% to £79.7 million, or by 69% at constant exchange rates.

'Renold benefits from significant geographic, customer and sector diversification,' the company said.

'Consequently, and despite uncertainty caused by considerable raw material and transport cost inflation and continuing supply chain disruption, the board now expects adjusted operating profit for both the first half and full year ... to be higher than both market expectations and the equivalent prior year period.'

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